Irvine Apartment Communities: The Newport Beach real...

Irvine Apartment Communities: The Newport Beach real estate investment trust reported net income of $6.8 million, or 34 cents a share, for the second quarter, an increase of 62% from the $4.2 million, or 24 cents a share, posted for the 1996 second quarter. Revenue rose 15% to $44.7 million from $39 million. For the first half, net income advanced 59% to $12.9 million, or 66 cents a share, from $8.1 million, or 48 cents a share, for the first six months last year. Revenue was up 16% to $88 million from $76.1 million.